Affiliate Marketing Secrets

Here are the facts. I live in a 1 bedroom condo in a complex with about 100 units. My mortgage is around $185k. The value of my home has been cut in half since I refinanced about 3 years ago to about $120k (I am underwater on mortgage now by about 50% due to price value drop). I have never missed a mortgage payment and should have much trouble making the payments in the future. I am unemployed..forced into early retirement about 8 years ago due to layoff and was unable to find another suitable position, probably due to my age and the bad market. I am now about 58 years old. My current mortgage rate is about 5.7%.
My mortgage is with PHH Mortgage, which I got through Merrill Lynch before they were bought by Bank of America. I think PHH is affiliated with Fannie Mae, but not sure.
Am I eligible? Can I lower my mortgage? And…will there be any fees to do this if I am?..I read that I wouldn’t have to get another appraisal, but am not sure.
Someone in the know…please advise. Thanks.